Medicinal cannabis startup Montu has topped LinkedIn Australia’s top startups for 2024 list, which represents some of the nation’s most impressive new ventures — and a persistent gender imbalance in the local startup scene.
Co-founded by Christopher and Raphael Strauch in 2019, Montu is a leading player in the nascent sector.
Around 700,000 people used cannabis for medicinal purposes in 2022–2023, according to the Australian Institute of Health and Welfare, with that figure projected to grow.
Estimates of the Australian medicinal cannabis market’s value vary, but the Victorian state government estimates the sector could contribute $365 million to the state’s domestic product by 2028.
Montu reaches patients through the Alternaleaf telehealth platform and the logistics operation Leafio.
It secured the top spot on LinkedIn’s list based on four criteria: employment growth, jobseeker interest on the LinkedIn platform, engagement with members, and its ability to poach talent from LinkedIn’s top companies list.
In a statement, the venture said its growth could be attributed to the “fact we live our values, which include being patient-first, and having a bias for action”.
Montu previously notched a fifth-place billing in the 2023 LinkedIn Australia top startups list.
The eighth edition of LinkedIn’s annual list is dominated by men, carrying on a trend observed in last year’s ranking.
Out of 42 founders and co-founders identified on the list, there is just one woman: Dianne Challenor, co-founder of breakout fintech Constantinople, which this year raised a $50 million Series A round.
Only one woman, Lyka’s Anne Podolsky, featured in the 2023 ranking, which included 32 other male founders.
In a statement provided to SmartCompany, LinkedIn career expert Cayla Dengate said the 2024 list “offers a reflection of the startup ecosystem, its makeup and its challenges”.
“While we’re starting to see more inroads with diversity among startups, our data shows that startup culture still over-indexes on male representation in Australia and globally,” she added.
“There is much work to be done across all industries to ensure organisations build diverse and equitable workforces.”
When asked in 2023 about the gender disparity among founders in that year’s list, Dengate said LinkedIn would highlight the startup gender disparity in news items published to the platform.
That work will continue after the 2024 list, Dengate said, “and we hope to see more women-founded startups join the Top Startups list in the future”.
Beyond Montu, which ranked fifth on the list in 2023, the latest ranking counts several returning startups.
Alternative protein innovator Vow appears in sixth spot, after coming in at #3 last year.
Ofload returns at #7, Howatson+Company at #8, and Zeller at #9.
Orde Financial secured the #12 slot, while Dabble and Honey Insurance came in at #18 and #20, respectively.
Never miss a story: sign up to SmartCompany’s free daily newsletter and find our best stories on LinkedIn.
Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
Comments